From the report
Takeaway: how to apply it to a portfolio
On rotation: "Where feasible, valuers will be rotated so that the same party is not used to value a particular asset over a period greater than three years in most circumstances. At a minimum, the principal person leading these valuations (at the Independent Valuer) should be rotated at a reasonable interval." Nothing in APRA's prudential standard asks for this.
Ask who values each unlisted position, how long that firm has held the engagement, and whether the person signing has ever changed. Ask for the dates, not the name. A valuer in year nine on the same asset has a relationship with it, and no regulator anywhere is going to ask this question on your behalf.
On disagreement: "the SIG may request another independent valuation to be performed by a different valuer to provide a second opinion; The SIG may choose to accept the valuation it deems most representative of the asset." The SIG is a committee of directors, and the trustee "always reserves the right to conduct its own valuation, via the appointment of an external valuer, in such instances".
Ask who at the manager signs the final mark, and whether that person is paid on it. Then ask for the escalation path for a disputed valuation in writing, before you commit, because afterwards you are asking a favour rather than exercising a right. Most agreements give you neither the second opinion nor the choice between them.
On frequency: the floor is "at least annually", with an explicit carve-out letting private equity and venture capital sit "at the entry price" or the last transaction price. The policy quotes its own regulator's guidance that assets "should be valued at least quarterly, and where valuations are conducted less frequently, the Trustee would demonstrate it has determined that the valuation frequency is appropriate". The trigger ladder runs Watch, Alert and Trigger, and the numbers behind those rungs sit in a document the fund does not publish.
Get the contractual minimum revaluation frequency rather than the typical one, the specific events that force an off-cycle mark, and the numeric threshold that fires them. A fund that will describe its ladder but not its rungs has disclosed a process rather than a policy, and a holding carried at entry price is a receipt rather than a valuation.